Finance Minister Mthuli Ncube has announced significant reforms to simplify Zimbabwe’s licensing fee system, making it more business-friendly. The move aims to reduce costs for business owners and enhance the country’s competitiveness for investors.
The decision follows years of complaints from businesses about multiple fees for different sections of the same business. For instance, supermarkets previously had to purchase separate licenses for bakeries, butcheries, restaurants and liquor sales. Minister Ncube’s personal experience with his wife’s restaurant registration in Bulawayo highlighted the need for reform.
The reforms are expected to benefit small and medium enterprises, which form the backbone of Zimbabwe’s economy. Reduced compliance costs will enable businesses to focus on growth and innovation. The retail sector, particularly, will see significant relief from excessive licensing requirements .
A high-level committee has been established to review the current system of taxes and regulatory fees. The committee will recommend which fees should be reduced or scrapped entirely within the next six months. The government expects to have definitive information on fee reductions by July or August .
By simplifying the licensing system and reducing costs, Zimbabwe aims to create a more favorable business environment, stimulate economic growth and attract investment.
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